Author Archives: Laren Dubois

Biometric Technology Needed to Win the War against Financial Fraud, Explains Enacomm CEO in Biometric Update Byline

Biometric Update logo

 

 

October 31st is just around the corner, but as Enacomm CEO Mike Boukadakis pointed out in a recent guest article for Biometric Update, this month ushered in “something scarier for ill-prepared merchants than anything Halloween has to offer.” The EuroPay, MasterCard, and Visa (EMV) payments liability shift occurred on October 21, 2015, and now “all retailers across America will be forced to take the financial fall when card criminals successfully launch attacks that could have been thwarted.”

New payment terminals that are able to verify chip-enabled credit cards will help fight fraud at the point of sale by stopping fraudsters with counterfeit credit cards in their tracks, but Boukadakis notes that this type of trickery is just a sliver of the larger financial fraud pie. From his op-ed:

Counterfeit credit cards only account for about 37 percent of credit card fraud, and card fraud itself is just a sliver of the larger financial fraud pie. Chip credit cards can still be stolen, and card not present transactions are rife with vulnerabilities. And beyond the card front, fraudsters breach online bank accounts and devilishly divert high-risk transactions. While chip technology will help foil the false reproduction of credit, debit and prepaid cards using stolen information, biometrics must be added to the financial industry’s arsenal to win the war.

Biometrics technology, Boukadakis explains, is needed to win the war against financial fraud, and voiceprint recognition is a proven method of identification that is well-suited for multi-layered authentication systems. By conducting sophisticated analysis of hundreds of voice characteristics, a bank, credit union or prepaid company can accurately identify and authenticate a customer in real-time.

Voice authentication is Reliable with a capital R; it has a 99.99 percent success rate. From Boukadakis’ piece:

While PINs and other authentication data are codes that can be cracked, a person’s voice cannot be compromised or stolen. Tech-savvy crooks cannot reverse engineer a voiceprint to create a spoken voice, and even voice “replays” are of no concern, because next-generation technology can ask for words, numbers and phrases in random order. Stolen voiceprints and voice recordings are useless.

Whether faced with brute force attacks, credential sharing, hacking, Phishing, Vhishing, credential resets, Internet searches or social engineering, voice biometrics offers a stronger defense than traditional methods of identity verification—and, unlike a chip credit card, there’s nothing for the customer to lose.

Last year, annual fraud costs totaled $32 billion – a 38 percent jump from 2013 – according to a LexisNexis study, so “the nationwide shift to EMV should be welcomed with open arms,” says Boukadakis. But the war is far from over with attacks in the mobile and online spaces becoming more intense. To learn more about why banks, credit unions and prepaid companies should set their sights on voice biometrics as the next line of defense against financial fraud, read Boukadakis’ byline for Biometric Update, “Biometrics Needed to Win the War against Financial Fraud.”

Football Fun with the Enacomm Team

Working at Enacomm is so much more than just a job. For Enacomm employees, career satisfaction is supported by camaraderie during work hours and beyond.

Last weekend, the Enacomm team in Tulsa came together to cheer on the hometown Hurricanes. Centering on the University of Tulsa’s (TU) matchup against the Louisiana-Monroe Warhawks, the company event celebrated football, fall weather and fun.

Enacomm employees and their families kicked off the clear, crisp day with pre-game fun at Hurricane Alley. Live music filled the air, and giant inflatables, face painting and games created smiles.

With kick-off in sight, all ages tailgated under the company tent, enjoying good food and good company. To top off the great day, Hurricane Football put up a win.

football fun

Enacomm provides the opportunity to grow with a well-established organization leading in technologies focused on improving and securing the customer experience for companies in the Financial/Credit Union, Prepaid/Cash Card, Health Care and Utilities industries. In addition to fun events like TU Tailgating and Football, Enacomm holds offsite company meetings and holiday dinners that provide team members with a chance to get to know each other outside of the work environment. Enacomm also offers competitive salaries and benefits, including:

  • Health insurance including medical and dental with optional vision
  • Paid vacation
  • Flexible Spending Account (FSA)
  • 401(k)
  • Disability & life insurance
  • Bereavement, jury duty, and military service leave
  • Employee recruitment incentives

To learn more about Enacomm and find positions that are currently available, visit our Careers page.

The Prepaid Press Relays Enacomm CEO’s Predictions on How EMV Shift Will Impact Fraud

prepaidpress logoAs of October 1, 2015, all retailers are responsible for fraudulent transactions with counterfeit credit cards when the magnetic stripe is swiped instead of the EMV chip being inserted in the payment terminal. Enacomm CEO Mike Boukadakis recently shared his thoughts on the “EMV Liability Shift” with Arlene Hauben of The Prepaid Press.

In her article, “EMV Liability Shift is Here: Chip Cards a Milestone in Lessening Fraud,” Hauben explores how the widespread transition to chip card technology will impact the fraud landscape. From the story:

“If you’re not face to face, chip card technology doesn’t apply,” said Michael Boukadakis, founder and CEO of Enacomm. “I expect that fraudsters will focus more of their energy on card not present transactions, and fraud tied to purchases where a payment card is not physically presented will climb.”

Boukadakis says that chip technology makes both credit and debit cards much more difficult to clone, but it’s important to recognize that counterfeit credit cards only account for a little over a third of credit card fraud. New chip cards will fight fraud at the point of sale, but nevertheless, chip cards that are physically stolen can be deceptively dipped at updated payment terminals.

“Fraudsters will paint a bullseye on retailers – from big box to mom-and-pop stores – that drag their feet in adopting payment terminals that can verify the validity of the new EMV chip cards,” said Boukadakis.

The conversion to EMV will start making a difference immediately with the liability shift date finally in the past. Most retailers who have not already upgraded their payment terminals will do so in short order to avoid taking the hit for fraudulent transactions that could have been thwarted. According to Boukadakis, there will likely be a dip in counterfeit credit card fraud during Q4 2015 and a dramatic decrease in 2016.

Chip credit card technology doesn’t protect against the full spectrum of financial fraud. In addition to security issues with stolen chip credit cards and card not present transactions, fraudsters hack online bank accounts and hijack high-risk transactions.

The use of multi-modal, multi-factor authentication applications will decrease the amount of financial fraud.

The financial industry should also take a serious look at voice biometrics technology, which Enacomm offers in the form of Enacomm Voice Authentication (EVA). With a 99.99% success rate, it’s a proven method of identification that is more reliable that fingerprint scanning and facial recognition and is perfect for multi-layered authentication systems.

Enacomm Voice Authentication neutralizes brute force attacks, credential sharing, hacking, Phishing, Vhishing, credential resets, Internet searches and social engineering. Card not present attacks abound and will only increase with the EMV shift.

To read Hauben’s full piece, click here. To learn more about multi-modal, multi-factor authentication and the use of voice biometric technology for customer authentication, contact the Enacomm team at sales@enacomm.net or 1-877-860-0025.

Enacomm’s 4Cast = Perfect Solution for Marketing Automation

marketing automation - infographic - 1

Enacomm’s 4Cast® is a hosted CRM product that automates intelligent customer interactions, predicts future behavior and conducts targeted messaging campaigns. 4Cast tracks customers’ activities and anticipates their needs in real-time. Using an advanced real-time decisioning engine, 4Cast researches hundreds of data points and accesses dozens of business policies to provide an exceptional customer self-service experience – all while aggressively conducting ongoing marketing and retention campaigns that are unique for each customer. From recognizing a customer by name to performing complex account analysis and probability modeling, 4Cast autonomously works to upsell, communicate and retain.

Click here to download a brochure on 4Cast. To receive more information or to schedule a product demonstration, contact Enacomm today.

Enacomm to Demo Voice Biometrics at Money20/20

Money2020 logo 2015

This fall Enacomm is headed to Vegas for the annual Money20/20 conference – and this year’s going to be bigger than ever. Our team will be showing the payments and financial services industry Enacomm Voice Authentication (EVA) in Booth 2231. EVA enables easy and reliable customer verification using voice biometrics technology with a 99.99% success rate, and it improves the customer experience with nothing for consumers to lose or forget.

The 2015 show is coming to The Venetian, October 25-28. Money20/20 organizers expect to pack the house with 4,000 more attendees than in 2014. You can check out the largest global event focused on payments and financial services innovation, too! Drop us an email at sales@enacomm.net to receive a $250 discount off registration.

Enacomm enhances self-service and security for GPR and financial organizations across the US – more than a million times a day. Using web, mobile, SMS texts, email, voice and other communication channels, Enacomm creates a personalized, seamless multichannel experience for customers. From automated customer retention, cross-selling and messaging to multi-layered authentication that combines biometrics and KBA, Enacomm helps organizations reduce costs, provide an exceptional customer self-service experience, and safeguard against fraud.

Follow us on Twitter using @enacomm for news and surprises related to Enacomm’s presence at this year’s Money20/20. We can’t wait to show you how Enacomm is streamlining customer authentication to help card companies and financial institutions fight back against fraud.

Biometrics Will Be Standard on Smart Mobile Devices by 2020

This summer, Acuity Market Intelligence, an emerging technology strategy and research consultancy, released its forecasts for the mobile biometrics market. According to the group:

  •  Annual revenues from biometrics embedded in smart mobile devices, biometric app downloads, and biometric authentication of transactions will grow from $1.6 billion in 2014 to $34.6 billion in 2020 representing a CAGR of nearly 67% with total forecast period revenues exceeding $117 billion.
  • With an installed base of 4.8 billion, more than 89% of all smart mobile devices in use will be biometrically enabled.
  • More than 5.5 billion biometric apps will be downloaded annually, and more than 800 billion transactions that require some level of biometric authentication will be processed on mobile devices each year.

Maxine Most, Acuity Market Intelligence Principal and lead analyst and a biometric identity expert, commented:

“Today’s mobile biometrics are primarily a convenience factor providing an easy pin alternative for device, application, and account access, as well as mobile payment authorization. By 2017, hardened biometric security on mobile devices will begin in earnest and we will see a genuine transformation in identity and commerce and the true end of ‘the password as we know it.’ The potential for consumer use of mobile biometrics and the associated revenue potential is magnitudes greater than any previous application of biometrics. This massive, globally available platform will provide an unprecedented opportunity for sustained sensor, software and app based revenue as well as enormous potential for biometric authentication services for high-risk and high-value transactions.”

Preview Acuity’s “The Global Biometrics and Mobility Report: The Convergence of Commerce and Privacy” here.

To learn more about Enacomm’s biometric authentication technology that protects mobile transactions and more, visit our products page.

Acuity meme - 1

Enacomm CEO’s Expert Article on Multifactor Authentication Featured by PaymentsSource

PaymentsSourceA new guest article from Enacomm CEO Mike Boukadakis was featured by PaymentsSource this week with a top spot on the publication’s homepage. In the piece, Mike shares expert insight on a trend shaping the payments landscape: biometric authentication.

Mike’s contribution for what the publication calls its PayThink series is titled, “Voice Authentication Beats Fingerprint Biometrics for Data Protection” and speaks to the importance of multifactor authentication, similar to we’ve seen on the big screen in movies like Mission: Impossible.

In Mission: Impossible, extensive security measures are employed to safeguard the Government Non-Official Cover (NOC) list in the vault at the Central Intelligence Agency’s (CIA) headquarters in Langley, Virginia. First, a voiceprint is utilized to positively identify the only person allowed inside the secured vault. Subsequently, the person seeking access is required to enter a 6-digit code in order to enter the outer room. Next up? An eye-retinal scan. Then, to deactivate the security measures, a double electronic keycard is used – and that’s all before stepping foot inside the vault. Once inside, there are three security systems armed: one that is sound-sensitive, one that is temperature-sensitive, and one that is pressure-sensitive. If someone whispers, raises the temperature just a single degree with body heat, or sweats a drop, the alarm would be set off and an automatic lockdown would be triggered.

Mike explains in the piece:

“While the average consumer’s banking information may not be considered as highly-sensitive as the NOC list, multi-layer authentication is still the best way to fend off fraudsters. And biometrics security technology like voiceprint identification isn’t reserved for the CIA.”

Mike goes on to note that biometrics can be combined with advanced Knowledge-Based Authentication (KBA) as part of an onboarding and authentication system. Voice biometrics, in particular, is a dependable method of identification – even more reliable than fingerprinting with a 99.99 percent success rate – that is perfect for multi-layered authentication systems.

“Government intelligence agencies worldwide rely on voice biometrics security technology, and issuers can, too,” Mike says in the op-ed. “While PINs and other authentication data can be breached, someone’s voice cannot be compromised or stolen.”

Voice biometrics technology can be programmed to ask for words, numbers and phrases in random order, making “replays” and stolen voice prints useless. This means that voice recordings cannot be used to gain unauthorized account access.

“While the series of security checks need not be as extensive as those in Tom Cruise’s secret agent series, it’s important that financial institutions and card companies deploy multiple lines of defense,” Mike emphasizes. “KBA for customer identification is another key component of the fraud prevention system.”

The next-generation KBA technology that Enacomm offers helps organizations authenticate customers to onboard and activate their accounts in real-time via their mobile devices. This “out-of-wallet” security check is particularly vital to the prepaid credit card industry. From the article:

“When a prepaid or cash card is purchased in-store, the customer often wants to cash load and use the card immediately; delays lead to loss of customer interest and failed activations. KBA enables card companies to verify personal information and authenticate identities on-the-spot. The customer can use his or her mobile device to activate and cash load the card immediately. Plus, the authentication process can take place in real-time without the costly interaction of speaking with a live customer service representative or using IVR minutes.”

Voice biometrics backed by modern KBA protects financial institutions, card companies and their customers against brute force attacks, credential sharing, hacking, Phishing, Vhishing, credential resets, Internet searches and social engineering.

To learn more about Enacomm Voice Authentication (EVA) and eKBA, give us a call at 1-877-860-0025 or send an email to sales@enacomm.net.

Enacomm’s David Anderson to Share Expert Knowledge on Payments Security at The Prepaid Press Expo

David Anderson - high resPrepaid providers and their customers are prime targets for modern banking bandits. One week from today, David W. Anderson, vice president & chief marketing officer of Enacomm, Inc., will share his expert knowledge on “Securing the Mobile and Digital Prepaid World” at the 2015 Prepaid Press Expo. The event will be held at Planet Hollywood in Las Vegas, from Tuesday, August 11th through Thursday, August 13th. The theme of the 2015 conference will be “The New Face of Prepaid: Mobile Wallets, Alternative Banking and Telecom Mix it Up”.

David will speak on Wednesday, August 12th from 2:00-3:00pm PT as part of the Financial Mobility Summit. His session will focus on how prepaid providers, gift card companies and alternative financial services firms can protect their customers’ transactions. Nate Moshkovich, executive vice president of ClearLine Mobile, will join Anderson for a discussion that will be moderated by T. Jack Williams, President of Paymentcard Services.

“The role of prepaid in the world of personal banking is ever-increasing, and so is the sophistication of white-collar criminals with this segment on their radar,” said Anderson. “Older, static security methods like pins and passwords are no longer sufficient for fraud prevention and should be traded in for a layered, dynamic approach.”

Enacomm is a leading provider of intelligent customer interactions solutions and security technology that utilizes biometrics and Knowledge-Based Authentication (KBA). With a 99.99% success rate, Enacomm Voice Authentication™ (EVA) harnesses voice biometric technology to enable reliable log-in and transactional authentication of customers from any phone, any time. Enacomm’s eKBA uses leading-edge knowledge-based authentication databases and techniques for customer identity verification and can integrate biometrics technology into the authentication process.

To stop fraudsters’ attempts to rip off your organization and customers, contact the Enacomm team at sales@enacomm.net or 1-877-860-0025.

What’s the Best Form of Biometric Security for Banks?

Biometric Update logoWriting for Biometric Update – the leading online source for breaking news, analysis, and research about the global biometrics industry – Enacomm CMO David Anderson explains in an expert guest article why voice biometrics technology may be a better choice for banking security than fingerprint or facial recognition. In the piece, “All forms of biometric authentication are not created equal,” Anderson notes that biometrics security technology is now being more widely used thanks to the proliferation of smartphones with high-quality microphones and cameras that make the process easy. While ease is a priority when choosing between biometric identification methods, he says, effectiveness is just as important.

Touch biometrics is often one of the least reliable forms of biometric authentication, as fingerprint scanners can be easily duped. From the article:

For the pros, making fingerprint dummies is relatively easy. Tsutomu Matsumoto, a security researcher at Yokohama National University, created a way to fool biometric scanners 80 percent of the time by taking a photograph of a fingerprint left on a wine glass, for example, and re-casting it in molded gelatin. Nine out of 10 fingerprint readers can even by tricked by manipulated Play-Doh from your local department store, as proven by hackers. What’s more, it’s possible for cyber-criminals to intercept fingerprint data from Internet-enabled biometric scanners as it’s sent to the computer server for processing.

More reliable than touch, facial recognition has close to a 98 percent success rate. However, fraudsters have been able to find cracks in the technology. According to Anderson:

In recent years, facial recognition technology has greatly improved its accuracy and is nearing a 98 percent success rate. Discovered methods of deception, user error and the fact that facial scanning can be faulty in direct sunlight make up the two percent gap. Hackers have been able to reverse engineer the biometric information stored in (not-so-)secure databases to print photos that dupe most face scanners. Security researchers at companies like MasterCard and USAA believe blinking is the best way to prevent a fraudster from holding up a picture of the individual being impersonated to fool the system.

More accurate than fingerprint or facial recognition, voice authentication has a 99.99 percent success rate. According to Anderson, it should be a top security choice for financial institutions, particularly when it comes to important, high-dollar transactions. From the piece:

A voice print is a sophisticated model against which future voice utterances are compared, using complex algorithmic processing. There is no physical “voice” or sound recorded on the computer. One cannot reverse engineer a voice biometric template or print to create a spoken voice.

Anderson goes on to emphasize that, “Because there is no single, perfect solution, it is recommended that multiple verification methods be employed by financial institutions.”

Click here to read the full article on Biometric Update’s website. To learn more about Enacomm Voice Authentication (EVA), go here.

The Latest Battle between Security Technologists and Law Enforcement

This week, a new report authored by 15 cybersecurity and computer science experts warned that the FBI’s goal of gaining “exceptional access” to tech companies’ encryption systems could pose an even bigger risk than anything fraudsters or terrorists could cook up. The Computer Science and Artificial Intelligence Laboratory Technical Report—issued by MIT—is titled “Keys Under Doormats: Mandating insecurity by requiring government access to all data and communications”.

The report was a grenade from technologists and privacy advocates in their ideological war with intelligence and law enforcement leaders. The group of security technologists intentionally issued the 31-pager the day before FBI Director James Comey and Sally Quillian Yates, the deputy attorney general at the Justice Department, testified before the Senate Judiciary Committee.

Comey fired back in a LAWFARE op-ed that there are lots of good things about universally strong encryption (e.g., expanded privacy and protection from cybercriminals), but the benefits must be weighed against the potential risks of making it harder for the government to access the digital communications and data of likely wrongdoers.

Scott O’Connell of the Telegram & Gazette paints a picture of the U.S. government’s concerns:

Somewhere in cyberspace, ISIS operatives are busy planning something and the Federal Bureau of Investigation’s concern is that thanks to today’s stronger encryption technology, it’s increasingly difficult to figure out what that something is.

Here’s to hoping that both sides continue their efforts to come together and reach a balanced solution through fair-minded and healthy discussion, as encouraged by Comey.Keys under Doormats - Meme